Universal Stainless & Alloy Products (USAP) 10-K 24 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	usap
Entity Registrant Name	UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
Entity Central Index Key	931,584
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 52,785,000
Entity Common Stock, Shares Outstanding		7,477,400

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statement of Operations [Abstract]
Net sales	$ 180,660	$ 205,560	$ 180,768
Cost of products sold	171,065	173,538	166,888
Gross margin	9,595	32,022	13,880
Selling, general and administrative expenses	19,406	21,122	17,885
Goodwill impairment	20,268
Operating (loss) income	(30,079)	10,900	(4,005)
Interest expense and other financing costs	(2,890)	(3,679)	(3,042)
Other income (expense)	153	(22)	481
(Loss) income before income taxes	(32,816)	7,199	(6,566)
(Benefit) provision for income taxes	(12,144)	3,149	(2,504)
Net (loss) income	$ (20,672)	$ 4,050	$ (4,062)
Net (loss) income per common share - Basic	$ (2.92)	$ 0.58	$ (0.58)
Net (loss) income per common share - Diluted	$ (2.92)	$ 0.57	$ (0.58)
Weighted average shares of common stock outstanding
Basic	7,069,954	7,031,539	6,950,976
Diluted	7,069,954	7,116,431	6,950,976

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$ 112	$ 142
Accounts receivable (less allowance for doubtful accounts of $249 and $17, respectively)	17,683	29,057
Inventory, net	83,373	101,070
Other current assets	2,584	2,681
Total current assets	103,752	132,950
Property, plant and equipment, net	193,505	199,795
Goodwill		20,268
Other long-term assets	1,298	1,861
Total assets	298,555	354,874
Current liabilities:
Accounts payable	11,850	25,009
Accrued employment costs	3,256	6,011
Current portion of long-term debt	3,000	3,000
Other current liabilities	640	861
Total current liabilities	18,746	34,881
Long-term debt	74,137	83,875
Deferred income taxes	20,666	32,425
Other long-term liabilities	29	63
Total liabilities	$ 113,578	$ 151,244
Commitments and contingencies (Note 10)
Stockholders' equity:
Senior preferred stock, par value $0.001 per share; 1,980,000 shares authorized; 0 shares issued and outstanding
Common stock, par value $0.001 per share; 20,000,000 shares authorized, respectively; 7,404,193 and 7,371,018 shares issued, respectively	$ 7	$ 7
Additional paid-in capital	54,829	52,810
Retained earnings	132,431	153,103
Treasury stock, at cost; 292,855 common shares held, respectively	(2,290)	(2,290)
Total stockholders' equity	184,977	203,630
Total liabilities and stockholders' equity	$ 298,555	$ 354,874

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 249	$ 17
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,980,000	1,980,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	7,404,193	7,371,018
Treasury stock at cost, common shares held	292,855	292,855

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net (loss) income	$ (20,672)	$ 4,050	$ (4,062)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	18,608	17,476	16,280
Deferred income tax	(12,060)	2,935	(2,998)
Share-based compensation expense, net	1,865	2,082	1,827
Goodwill impairment	20,268
Changes in assets and liabilities:
Accounts receivable, net	11,374	(7,610)	3,334
Inventory, net	15,929	(20,075)	11,934
Accounts payable	(13,009)	10,721	3,678
Accrued employment costs	(2,755)	2,581	(1,241)
Income taxes	(248)	514	494
Other, net	(130)	215	(340)
Net cash provided by operating activities	19,170	12,889	28,906
Investing Activity:
Capital expenditures	(9,551)	(11,173)	(11,789)
Proceeds from insurance recovery	218
Net cash used in investing activity	(9,333)	(11,173)	(11,789)
Financing Activities:
Borrowings under revolving credit facility	73,515	103,785	76,784
Payments on revolving credit facility	(80,253)	(103,706)	(92,230)
Payments on term loan facility	(3,000)	(3,000)	(1,500)
Proceeds from the issuance of common stock	455	1,040	1,117
Payment of deferred financing costs	(584)		(1,165)
Purchase of treasury stock			(137)
Net cash used in financing activities	(9,867)	(1,881)	(17,131)
Net decrease in cash	(30)	(165)	(14)
Cash at beginning of period	142	307	321
Cash at end of period	112	142	307
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of amount capitalized	2,384	3,046	$ 2,534
Income taxes paid (refunded), net	$ 165	$ (318)

Consolidated Statements of Shar

Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Stockholders' Equity, Beginning Balance at Dec. 31, 2012	$ 7	$ 46,744	$ 153,115	$ (2,153)
Shares outstanding, Beginning Balance (shares) at Dec. 31, 2012	6,958,312
Treasury shares, Beginning Balance at Dec. 31, 2012				288,681
Common stock issuance under Employee Stock Purchase Plan		269
Common stock issuance under Employee Stock Purchase Plan (shares)	10,520
Exercise of stock options		848
Exercise of stock options (shares)	55,625
Issuance of restricted common stock, shares	(3,000)
Share-based compensation		1,827
Purchase of treasury stock				$ (137)
Purchase of treasury stock (shares)	(4,174)			4,174
Net income (loss)			(4,062)		$ (4,062)
Stockholders' Equity, Ending Balance at Dec. 31, 2013	$ 7	49,688	149,053	$ (2,290)
Shares outstanding, Ending Balance (shares) at Dec. 31, 2013	7,017,283
Treasury shares, Ending Balance at Dec. 31, 2013				292,855
Common stock issuance under Employee Stock Purchase Plan		276
Common stock issuance under Employee Stock Purchase Plan (shares)	11,380
Exercise of stock options		764
Exercise of stock options (shares)	49,500
Share-based compensation		2,082
Net income (loss)			4,050		4,050
Stockholders' Equity, Ending Balance at Dec. 31, 2014	$ 7	52,810	153,103	$ (2,290)	$ 203,630
Shares outstanding, Ending Balance (shares) at Dec. 31, 2014	7,078,163
Treasury shares, Ending Balance at Dec. 31, 2014				292,855	292,855
Common stock issuance under Employee Stock Purchase Plan		188
Common stock issuance under Employee Stock Purchase Plan (shares)	15,675
Exercise of stock options		267
Exercise of stock options (shares)	17,500				17,500
Tax impact on RSUs vested and options exercised		(301)
Share-based compensation		1,865
Net income (loss)			(20,672)		$ (20,672)
Stockholders' Equity, Ending Balance at Dec. 31, 2015	$ 7	$ 54,829	$ 132,431	$ (2,290)	$ 184,977
Shares outstanding, Ending Balance (shares) at Dec. 31, 2015	7,111,338
Treasury shares, Ending Balance at Dec. 31, 2015				292,855	292,855

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 1: Significant Accounting Policies Basis of Consolidation . The consolidated financial statements include the accounts of Universal Stainless & Alloy Products, Inc. and its wholly-owned subsidiaries (collectively, “we,” “us,” “our,” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. We have no interests in any unconsolidated entity. Use of Estimates . The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. The estimates and assumptions used in these consolidated financial statements are based on known information available as of the balance sheet date. Actual results could differ from those estimates. Concentration of Credit Risk . We limit our credit risk on accounts receivable by performing ongoing credit evaluations and, when deemed necessary, require letters of credit, guarantees or cash collateral. During 2015, we had one customer which accounted for more than 16% of our total net sales and for 7% of our total accounts receivable balance. During 2014, we had one customer that accounted for more than 18% of our total net sales and for 11% of our total accounts receivable balance . During 2013, we had two customers which each accounted for more than 10% , and collectively for 26% , of our total net sales. Accounts Receivable and Allowance for Doubtful Accounts . Accounts receivable are presented net of the allowance for doubtful accounts on our consolidated balance sheets. We market our products to a diverse customer base, primarily throughout the United States. During the years ended December 31, 2015, 2014 and 2013 , we derived 9% , 7% and 6% , respectively, of our net sales from markets outside of the United States. The allowance for doubtful accounts includes specific reserves for the value of outstanding invoices issued to customers that are deemed potentially not collectible. Receivables are charged-off to the allowance when they are deemed to be uncollectible. Bad debt expense, net of recoveries for the years ended December 31, 2015, 2014 and 2013 was $ 239,000 , $ 18,000 and $ 30,000 , respectively. Inventories . Inventories are stated at the lower of cost or market with cost principally determined by the weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead within the guidelines of normal plant capacity. We reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition. The net change in inventory reserves for the year ended December 31, 2015 , was a decrease of $ 136,000 , primarily due to the dispositi on of slow moving material that was no longer considered sellable and was returned to our melt shop. The net change in inventory reserves for the years ended December 31, 2014 and 2013 was a $ 603,000 decrease and a $ 617,000 increase, respectively. Included in inventory are operating materials consisting of forge dies and production molds and rolls, that are consumed over their useful lives. During the years ended December 31, 2015, 2014 and 2013 , we amortized these operating materials in the amount of $ 1.8 million , $ 1.6 million and $1.2 million , respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statements of cash flows. Property, Plant and Equipment . Property, plant and equipment is recorded at cost or its fair value at acquisition date. Costs incurred in connection with the construction or major rebuild of facilities are capitalized as construction in progress. During the years ended December 31, 2015 and 2014 we did not capitalize interest expense related to projects in process. We did capitalize $ 263,000 of interest expense related to construction projects in progress for the year ended December 31, 2013. No depreciation is recognized on assets until they are placed in service. Assets which have been retired or disposed of are removed from cost and accumulated depreciation accounts, with the gain or loss reflected in operating income on the consolidated statements of operations. Major equipment maintenance costs are capitalized as incurred and included in other current assets. These costs are amortized to cost of products sold within a twelve -month period. Other maintenance costs are expensed as incurred. Costs of improvements and renewals are capitalized. Our maintenance expense for the years ended December 31, 2015, 2014 and 2013 was $ 16.9 million, $ 16.5 million and $ 14.8 million, respectively, which is included as a component of cost of products sold. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of buildings and land improvements are between 10 and 39 years, and the estimated useful lives of machinery and equipment are between 5 and 20 years. Our total depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $ 15.8 million, $ 15.0 million and $ 14.3 million, respectively, of which $ 15.4 million , $14.6 million and $14.1 million , respectively was included as a component of cost of products sold while the remainder was included in selling, general and administrative expense. Intangible Assets. At December 31, 2014 we had a $1.3 million non-compete agreement related to the acquisition of the North Jackson facility which is classified as an intangible asset. Identifiable intangible assets are recorded at fair value upon acquisition and are amortized over the life of the agreement using the straight-line method. We recognized $432,000 , $ 266,000 and $ 266,000 of amortization expense during the years ended December 31, 2015, 2014 and 2013 , respectively, from intangible assets , which is included as a component of selling, general and administrative expenses on the consolidated statements of operations and included as part of total depreciation and amortization on the consoli dated statements of cash flows. The 2015 expense of $432,000 includes $ 255,000 for the early exit of a non-compete contract. At December 31, 2015 our intangible assets were fully amortized. Long-Lived Asset Impairment . Long-lived assets, including property, plant and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in relation to the operating performance and future undiscounted cash flows of the underlying assets. Adjustments are made if the sum of expected future cash flows is less than the book value. Based on management’s assessment of the carrying values of long-lived assets, no impairment reserve was deemed necessary as of December 31, 2015, 2014 and 2013 . Deferred Financing Costs. Deferred financing costs are amortized up to the maturity date of the related financial instrument using the straight-line method, which approximates the effective interest method. Deferred financing cost amortization for the years ended December 31, 2015, 2014 and 2013 was $ 566,000 , $ 644,000 and $ 444,000 , respectively, and is included as a component of interest expense and other financing costs on the consolidated statements of operations and included as part of total depreciation and amortization on the consolidated statements of cash flows. At December 31, 2015 and 2014, we had $ 1.3 million and $1.4 million, respectively, of unamortized deferred financing costs included on our consolidated balance sheets as a component of other long-term assets. Goodwill. Goodwill, which represents the excess of cost over net tangible and identifiable intangible assets of acquired businesses, is stated at fair value. Goodwill is not amortized, but will be evaluated or tested annually for impairment or more frequently if any event indicates that the carrying amount of goodwill may be impaired. We perform our annual evaluation or test of goodwill as of the beginning of the fourth quarter. We evaluate or test goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test, which involves comparing the estimated fair value of the associated reporting unit to its carrying value. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that fair value is less than its carrying amount. Factors considered as part of the qualitative assessment include entity-specific, industry, market and general economic conditions. We may elect to bypass this qualitative assessment and perform a two-step quantitative test. We test for goodwill impairment using a combination of valuation techniques, which include consideration of a market-based approach (guideline company method) and an income approach (discounted cash flow method), in determining fair value in the annual impairment test of goodwill. We believe that the combination of the valuation models provides a more appropriate valuation by taking into account different marketplace participant assumptions. Both methods utilize market data in the derivation of a value estimate and are forward-looking in nature. The guideline assessment of future performance and the discounted cash flow method utilize a market-derived rate of return to discount anticipated performance. Other events and changes in circumstances may also require goodwill to be tested for impairment between annual measurement dates. While a decline in stock price and market capitalization is not specifically cited as a goodwill impairment indicator, a company’s stock price and market capitalization should be considered in determining whether it is more likely than not that the fair value of a reporting unit is less that its carrying value. Additionally, a significant decline in a company’s stock price may suggest that an adverse change in the business climate may have caused the fair value of the reporting unit to fall below its carrying value. The financial and credit market volatility directly impacts our fair value measurement through our stock price that we use to determine our market capitalization. During times of volatility, significant judgment must be applied to determine whether credit or stock price changes are a short-term swing or a longer-term trend. A sustained decline in our market capitalization below its book value could lead us to determine, in a future period, that an interim goodwill impairment review is required and may result in an impairment charge which would have a negative impact on our results of operations. We recorded a goodwill impairment in the third quarter of 2015. Due to a signi ficant and sustained drop in our share price and continued weak operating results driven by slower market conditions, the Company determined that an interim goodwill impairment review was required in accordance with Accounting Standards Codification (“ ASC ”) 350, “Intangibles – Goodwill and Other”. Based on the guidance in ASC 350, the Company performed the two-step quantitative analysis. Under the first step, the Company determined that the carrying value exceeded the fair value of the Company and, therefore, the second step of the analysis was performed. The fair value was estimated using a combination of an income approach, which estimates fair value based on projected discounted cash flows and a market approach, which estimates fair value using the recent stock price of the Company. The income approach is supported by a Level 3 fair value measurement, which means that the valuation reflects the Company’s own estimates of market participant assumptions. The market approach is supported by a Level 1 fair value measurement which is the observable stock price of the Company. The income approach was weighted 30% and the market approach was weighted 70% in determining the fair value. This assessment resulted in the recognition of a non-cash goodwill impairment charge of $ 20.3 million, which eliminated all goodwill from the balance sheet at September 30, 2015. Stockholders’ Equity. We have never paid a cash dividend on our common stock. Our Credit Agreement does not permit the payment of cash dividends. In October 1998, we initiated a stock repurchase program to repurchase up to 315,000 shares of our outstanding common stock in open market transactions at market prices. We were authorized to repurchase 45,100 remaining shares of common stock under this program as of December 31, 2015 . Revenue Recognition . Revenue from the sale of products is recognized when both risk of loss and title have transferred to the customer, which in most cases coincides with shipment of the related products, and collection is reasonably assured. Revenue from conversion services is recognized when the performance of the service is complete. Invoiced shipping and handling costs are also accounted for as revenue. Customer claims, which are not material, are accounted for primarily as a reduction to gross sales after the matter has been researched and an acceptable resolution has been reached. The following table presents net sales by product line: For the years ended December 31, 2015 2014 2013 (dollars in thousands) Stainless steel $ 135,945 $ 159,799 $ 137,383 High-strength low alloy steel 16,045 16,853 17,894 Tool steel 16,197 16,680 18,112 High-temperature alloy steel 7,557 6,295 4,277 Conversion services and other sales 4,916 5,933 3,102 Total net sales $ 180,660 $ 205,560 $ 180,768 Income Taxes . Deferred income taxes are provided for unused tax credits earned and the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. We use the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that the asset will not be realized. Income tax penalties and interest are included in the provision for income tax expense. We evaluate the tax positions taken or expected to be taken in our tax returns. A tax position should only be recognized in the financial statements if we determine that it is more-likely-than-not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. We believe there are no material uncertain tax positions at December 31, 2015, 2014 and 2013 . We use the with-and-without method to account for excess tax benefits recognized as a result of the exercise of employee stock options. Under the with-and-without method, excess tax benefits related to share-based compensation are not deemed to be realized until after the utilization of all other tax benefits available to us, which are also subject to applicable limitations. Share-based Compensation Plans . We recognize compensation expense based on the grant-date fair value of the awards. The fair value of the stock option grants is estimated on the date of grant using the Black-Scholes option-pricing model, and is recognized ratably over the service/vesting period of the award. The fair value of time-based restricted stock grants is calculated using the market value of the stock on the date of issuance, and is recognized ratably over the service/vesting period of the award. Net (Loss) Income per Common Share . Net (loss) income per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income, adjusted to include interest expense (tax effected) for the convertible notes by the weighted-average number of common shares outstanding plus all dilutive potential common shares outstanding during the period. All shares that were issuable under our outstanding convertible notes were considered outstanding for our diluted net income per common share computation, using the “if converted” method of accounting from the date of issuance. Statement of Comprehensive Income. During the years ended December 31, 2015, 2014 and 2013, there were no comprehensive income items other than net income (loss); therefore, a separate consolidated Statement of Comprehensive Income was excluded from the consolidated financial statements. Treasury Stock. We account for treasury stock under the cost method and include such shares as a reduction of total stockholders’ equity. Financial Instruments. Financial instruments held by us include cash, accounts receivable, accounts payable and long-term debt. The carrying value of cash, accounts receivable and accounts payable is considered to be representative of fair value because of the short maturity of these instruments. Refer to Note 5 for fair value disclosures of our financial instruments. Segment Reporting. Our operating facilities are integrated, and therefore our chief operating decision maker (“CODM”) views the Company as one business unit. Our CODM sets performance goals, assesses performance and makes decisions about resource allocations on a consolidated basis. As a result of these factors, as well as the nature of the financial information available which is reviewed by our CODM, we maintain one reportable segment. Reclassifications. Certain prior year amounts have been reclassified to conform to the 2015 presentation. Recently Adopted Accounting Pronouncement In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. We adopted ASU 2015-17 in 2015. The update resulted in the classification of all deferred tax assets and liabilities as noncurrent on the consolidated balance sheet. Recently Issued Accounting Pronouncement In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606) which was amended, in August 2015, by ASU 2015-14 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This topic converges the guidance within U.S. GAAP and International Financial Reporting Standards and supersedes Accounting Standards Codification 605, Revenue Recognition. The new standard requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, and improve guidance for multiple-element arrangements. The new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We are currently evaluating the impact that this standard will have on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” ("ASU 2015-11") to simplify the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2015-11 on the Company's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new guidance is effective for annual reporting periods beginning after December 15, 2015, including interim reporting periods within that reporting period, and early application is permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2015
Inventory [Abstract]
Inventory	Note 2: Inventory The major classes of inventory are as follows: December 31, 2015 2014 (dollars in thousands) Raw materials and starting stock $ 6,235 $ 8,943 Semi-finished and finished steel products 69,907 84,816 Operating materials 8,543 8,759 Gross inventory 84,685 102,518 Inventory reserves (1,312) (1,448) Total inventory, net $ 83,373 $ 101,070

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 3: Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, 2015 2014 (dollars in thousands) Land and land improvements $ 7,377 $ 7,088 Buildings 47,712 45,434 Machinery and equipment 236,991 225,754 Construction in progress 8,580 12,833 Gross property, plant and equipment 300,660 291,109 Accumulated depreciation (107,155) (91,314) Property, plant and equipment, net $ 193,505 $ 199,795

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2015
Long-Term Debt [Abstract]
Long-Term Debt	Note 4: Long-Term Debt Long-term debt consists of the following: December 31, 2015 2014 (dollars in thousands) Term loan $ 12,500 $ 15,500 Revolving credit facility 44,350 51,350 Convertible notes 20,000 20,000 Swing loan credit facility 287 25 77,137 86,875 Less: current portion of long-term debt (3,000) (3,000) Long-term debt $ 74,137 $ 83,875 Credit Facility At December 31, 2015 and 2014, we had a Credit Agreement (as previously amended, “Prior Credit Agreement”) with a syn dication of banks which provided for a $ 105.0 million senior secured revolving credit facility (the “ Prior Revolver”) and a $ 20.0 million senior secured term loan facility (the “ Prior Term Loan” and together with the Prior Revolve r, the “Prior Facilities”) with an expiration in March 2017 . The Prior Credit Agreement required us to pay a commitment fee of 0.25% based on the daily unused portion of the Prior Revolver. The Prior Revolver also provided for up to $ 7.0 million of swing loans so long as the sum of the outstanding swing loans and the outstanding borrowings under the Prior Revolver did not exceed our borrowing b ase under the terms of the Prior Credit Agreement . The Prior Term Loan was payable in quarterly installments in the principal amount of $ 750,000 which began on July 1, 2013 , with the balance of the Term Loan payable in full on March 19, 2017 . Amounts outstanding under the Prior Faci lities, at our option, incurred interest at either a base rate or a LIBOR-based rate (the “LIBOR Option”), in either case calculated in accordance with the terms of the Prior Credit Agreement. We elected to use the LIBOR Option during the year ended December 31, 2015 , which was 2.18% at December 31, 2015 . Interest on the Prior Facilities was payable monthly. Amounts outstanding under the Prior Facilities were collateralized by the Company’s accounts receivable, inventory and property, plant and equipment. On October 23, 2015, the Company entered into a Fourth Amendment to the Prior Credit Agreement ( the “Fourth Amendment”) which was effective as of September 30, 2015. Pursuant to the Fourth Amendment, the covenants required under the Prior Credit Agreement were amended. We were in compliance wi th our covenants at December 31 , 2015 and December 31, 2014. On January 21, 2016 we entered into a new Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and co-collateral agent, Bank of America, N.A., as co-collateral agent and PNC Capital Markets LLC, as sole lead arranger and sole bookrunner. The Credit Agreement provides for a senior secured revolving credit facility not to exceed $ 65 million (the “Revolving Credit Facility”) and a senior secured term loan facility (the “Term Loan”) in the amount of $ 30 million (together with the Revolving Credit Facility, the “Facilities”). The Credit Agreement also provides for a letter of credit sub-facility not to exceed $ 10.0 million and a swing loan sub-facility not to exceed $ 5.0 million. The Credit Agreement replaces the Prior Credit Agreement. The Company was in compliance with all applicable financial covenants set forth in the Prior Credit Agreement as of the date of its entrance into the Credit Agreement. The Facilities, which expire upon the earlier of (i) January 21, 2021 or (ii) the date that is 90 days prior to the sc heduled maturity date of the Convertible Notes (as defined below) (in either case, the “Expiration Date”), are collateralized by a first lien in substantially all of the assets of the Company and its subsidiaries, except that no real property is collateral under the Facilities other than the Company’s real property in North Jackson, Ohio. Availability under the Revolving Credit Facility is based on eligible accounts receivable and inventory. The Company is required to pay a commitment fee of 0.25% based on the daily unused portion of the Revolving Credit Facility. With respect to the Term Loan, the Company will pay quarterly installments of principal of approximately $ 1.1 million, plus accrued and unpaid interest, on the first day of each fiscal quarter beginning on April 1, 2016 . To the extent not previously paid, the Term Loan will become due and payable in full on the Expiration Date. Amounts outstanding under the Facilities, at the Company’s option, will bear interest at either a base rate or a LIBOR based rate, in either case calculated in accordance with the terms of the Credit Agreement. Interest under the Credit Agreement is payable monthly. The Credit Agreement contains customary affirmative and negative covenants. The Company also must maintain certain levels of EBITDA as outlined in the Credit Agreement. As of December 31, 2016 and as of the end of each fiscal quarter ending thereafter, the Company must maintain a fixed charge coverage ratio of not less than 1.10 to 1.0, in each case measured on a rolling four-quarter basis calculated in accordance with the terms of the Credit Agreement. At December 31, 2015 we had deferred financing fees of approximately $ 1.3 million. As a result of entering into the Credit Agreement we expect to write off approximately $ 0.8 million of deferred fees in the first quarter of 2016. Pursuant to the terms of the Credit Agreement, the Company completed the issuance of 73,207 shares of the Company’s common stock to certain directors and officers of the Company on February 2, 2016. The aggregate purchase price of the stock was $ 500,003.81 based on the average of the high and low reported trading prices for the Company’s common stock on The Nasdaq Stock Market on February 1, 2016. Convertible Notes In connection with the acquisition of the North Jackson facility, in August 2011, we issued $ 20.0 million in convertible notes (the “Notes”) to the sellers of the North Jackson facility as partial consideration of the acquisition. The Notes were subordinated obligations and rank ed junior to the Prior Facilities. The Notes bore interest at a fixed rate of 4.0% per annum, payable in cash semi-annually in arrears on each June 18 and December 18, beginning on December 18, 2011. As of December 31, 2015, u nless earlier converted, the Notes were scheduled to mature and the unpaid principal balance was due on August 17, 2017 . The Notes and any accrued and unpaid interest were convertible into shares of our common stock at the option of the holder at an initial conversion price of $ 47.1675 per share of common stock. The conversion price associated with the Notes was subject to adjustment i n certain circumstances. We were permitted to prepay any outstanding Notes, in whole or in part, during a fiscal quarter if our share price was greater than 140% of the then- current conversion price for at least 20 of the trading days in the 30 consecutive trading day period ending on the last trading day of the immediately preceding quarter. On January 21, 2016, the Company entered into Amended and Restated Convertible Notes (collectively, the “Convertible Notes”) in the aggregate principal amount of $ 20.0 million, each in favor of Gorbert Inc. (the “Holder”). The Convertible Notes amended and restated the Notes. The Company’s obligations under the Convertible Notes are collateralized by a second lien on the same assets of the Co-Borrowers that collateralize the obligations of the Co-Borrowers under the Facilities. The Convertible Notes mature on March 17, 2019 and the maturity date may be extended, at the Company’s option, to March 17, 2020 and further to March 17, 2021. If the Company elects to extend the maturity date of the Convertible Notes to March 17, 2020, principal payments in the aggregate of $2.0 million will be required on March 17, 2019. If the Company elects to extend the maturity date of the Convertible Notes further to March 17, 2021, principal payments in the aggregate of $ 2.0 million will be required on March 17, 2020. The Convertible Notes bear interest at a rate of 4.0% per year through and including August 17, 2016, a rate of 5.0% per year from August 18, 2016 through and including August 17, 2017 and a rate of 6.0% per year from and after August 18, 2017. Through and including June 18, 2017, all accrued and unpaid interest is payable semi-annually in arrears on each June 18 and December 18. After June 18, 2017, all accrued and unpaid interest is payable quarterly in arrears on each September 18, December 18, March 18 and June 18. The Holder may elect at any time on or prior to August 17, 2017 to convert all or any portion of the outstanding principal amount of the Convertible Notes which is an integral multiple of $ 100,000 . The Convertible Notes are convertible into shares of common stock and, in certain circumstances, cash, securities and/or other assets. The Convertible Notes are convertible based on an initial conversion rate of 21.2 shares of Common Stock per $ 1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of $ 47.1675 per share). The conversion rate and the conversion price associated with the Convertible Notes may be adjusted in certain circumstances. The Holder’s conversion rights will be void and no longer subject to exercise by the Holder beginning on August 17, 2017. In conjunction with the issuance of the Convertible Notes, we made principal prepayments on the Convertible Notes totaling $ 1.0 million on January 21, 2016. The aggregate annual principal payments due under our Prior Credit Agreement at December 31, 2015, are as follows: (dollars in thousands) 2016 $ 3,000 2017 74,137 $ 77,137

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 5: Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value, which are as follows: Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date. Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The carrying amounts of our cash, accounts receivable and accounts payable approximated fair value at December 31, 2015 and 2014 due to their short-term nature (Level 1). The fair value of the Term Loan, Revolver and swing loans at December 31, 2015 and 2014 approximated the carrying amount as the interest rate is based upon floating short-term interest rates (Level 2). At December 31, 2015 and 2014, the fair value of our Notes was approximately $ 19.2 million and $20.5 million, respectively (Level 2).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note 6: Income Taxes The income tax provision (benefit) attributable to continuing operations during the years ended December 31, 2015, 2014 and 2013 is as follows: Components of the provision (benefit) for income taxes are as follows: For the years ended December 31, 2015 2014 2013 (dollars in thousands) Current (benefit) provision Federal $ (105) $ 312 $ 85 State 56 298 (6) Deferred (benefit) provision Federal (11,843) 1,941 (3,205) State (252) 598 622 (Benefit) provision for income taxes $ (12,144) $ 3,149 $ (2,504) A reconciliation of the federal statutory tax rate and our effective tax rate is as follows: For the years ended December 31, 2015 2014 2013 Federal statutory tax rate 35.0 % 35.0 % 35.0 % Research and development tax credit 1.6 (2.9) 14.6 State government grants, net of federal tax impact - - 4.2 Valuation allowance, state government grants, net of federal impact - 8.2 (15.0) Domestic manufacturing deduction - - - State income taxes, net of federal impact 0.6 3.7 1.4 Other, net (0.2) (0.3) (2.1) Effective income tax rate 37.0 % 43.7 % 38.1 % We continue to record a full valuation allowance against our New York deferred tax assets due to the zero percent ( 0% ) state income tax rate for qualified manufacturers. We have determined that federal and other state deferred tax assets are expected to be realized and have not recorded any additional valuation allowances. The Protecting Americans from Tax Hikes Act of 2015 extended the tax benefit for research and development tax credits resulting in a benefit of approximately $ 430,000 , which was recorded entirely in the fourth quarter of 2015. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our net deferred taxes related to continuing operations are as follows: December 31, 2015 2014 (dollars in thousands) Noncurrent deferred income taxes: Federal and state tax carryforwards $ 22,495 $ 17,495 Inventory 1,196 3,136 Share-based compensation 3,545 3,300 Receivables 76 29 Accrued liabilities 299 396 Other 65 65 Total deferred tax assets $ 27,676 $ 24,421 Deferred tax liabilities: Property, plant and equipment $ 47,899 $ 56,354 Other 443 492 Total deferred tax liabilities $ 48,342 $ 56,846 Total noncurrent deferred income taxes $ 20,666 $ 32,425 We file a U . S . federal income tax return and various state income tax returns. For federal income tax purposes, we had $ 54.2 million and $41.5 million of net operating loss carryforwards at December 31, 2015 and 2014 respectively. The net operating loss carryforwards begin to expire in 2031. In addition, we have credit carryforwards associated with our research and development activities of $ 2.3 million and $1.7 million as of December 31, 2015 and 2014 respectively. The research and development credit carryforwards being to expire in 2030. We also have $ 489,000 and $597,000 in alternative minimum tax credit carryforwards for the years ended December 31, 2015 and 2014 respectively. The alternative minimum tax credit carryforwards can be carried forward indefinitely. We have state net operating loss carryforwards of $ 9.0 million and $8.1 million and state credit carryforwards of $ 265,000 and $ 267,000 at December 31, 2015 and 2014 respectively. The state net operating loss carryforwards begin to expire in 2031 . The state credit carryforwards begin to expire in 2027. We are routinely under audit by federal or state authorities. Our federal tax returns are subject to examination by the IRS for tax years after 2011. We are subject to examination by state tax jurisdictions for tax years after 2011.

Net (Loss) Income Per Common Sh

Net (Loss) Income Per Common Share	12 Months Ended
	Dec. 31, 2015
Net (Loss) Income Per Common Share [Abstract]
Net (Loss) Income Per Common Share	Note 7: Net (Loss) Income Per Common Share The computation of basic and diluted net (loss) income per common share for the years ended December 31, 2015, 2014 and 2013 is as follows: For the years ended December 31, 2015 2014 2013 (dollars in thousands, except per share amounts) Numerator: Net (loss) income $ (20,672) $ 4,050 $ (4,062) Adjustment for interest expense on convertible notes - - - Net (loss) income, as adjusted $ (20,672) $ 4,050 $ (4,062) Denominator: Weighted average number of shares of common stock outstanding 7,069,954 7,031,539 6,950,976 Weighted average effect of dilutive stock options and other stock compensation - 84,892 - Weighted average effect of assumed conversion of convertible notes - - - Weighted average number of shares of common stock outstanding, as adjusted 7,069,954 7,116,431 6,950,976 Net (loss) income per common share: Basic $ (2.92) $ 0.58 $ (0.58) Diluted $ (2.92) $ 0.57 $ (0.58) An adjustment for interest expense on convertible notes was excluded from the income per share calculation for t he years ended December 31, 2015, 2014 and 2013 as a result of the convertible notes being antidilutive. There were 635,200, 440,300 and 353,550 options to purchase shares of common stock, at an average price of $ 30.67 , $ 35.20 and $ 36.36 for the years ended December 31, 2015, 2014 and 2013 , respectively that were not included in the computation of diluted net (loss) income per common share because their respective exercise prices were greater than the average market price of our common stock. The calculation of diluted earnings per share for the years ended December 31, 2015, 2014 and 2013 excludes 428,140 shares, for the assumed conversion of convertible notes as a result of the convertible notes being antidilutive. In addition, the calculation of diluted earnings per share for the years ended December 31, 2015 and 2013 would have included 21,774 and 118,814 respectively, for the assumed exercise of options and restricted stock under our share incentive plans except that we were in a net loss position and the impact would have been antidilutive.

Incentive Compensation Plans

Incentive Compensation Plans	12 Months Ended
	Dec. 31, 2015
Incentive Compensation Plans [Abstract]
Incentive Compensation Plans	Note 8: Incentive Compensation Plans At December 31, 2015 , we had three incentive compensation plans that are described below: Omnibus Incentive Plan We maintain an Omnibus Incentive Plan (“OIP”) which was approved by our stockholders in May 2012. The OIP permits the issuance of stock options, restricted stock, restricted stock units and other stock-based awards to non-employee directors, other than those directors owning more than 5% of our outstanding common stock, consultants, officers and other key employees who are expected to contribute to our future growth and success. An aggregate of 2,150,000 shares of common stock were authorized for issuance under the OIP, of which 363,993 were available for grant at December 31, 2015 . Stock Options The option price for options granted under the OIP is equal to the fair market value of the common stock at the date of grant. Options granted to non-employee directors vest over a three -year period, and options granted to employees vest over a four -year period. All options under the OIP will expire no later than ten years after the grant date. Forfeited options may be reissued and are included in the amount available for grants. A summary of stock option activity as of and for the year ended December 31, 2015 is presented below: Non-vested stock Stock options options outstanding outstanding Weighted- Weighted- Weighted- average average average Number grant-date Number exercise contractual of shares fair value of shares price term (years) Outstanding at December 31, 2014 235,844 $ 16.34 775,675 $ 29.12 Stock options granted 192,400 6.99 192,400 13.02 Stock options exercised - - (17,500) 15.27 Stock options vested (59,469) 17.45 - - Stock options forfeited (69,575) 15.00 (108,825) 29.19 Outstanding at December 31, 2015 299,200 $ 10.40 841,750 $ 25.71 5.2 Exercisable at December 31, 2015 542,550 $ 29.84 4.6 Proceeds from stock option exercises totaled $267,000 , $764,000 and $848,000 for the years ended December 31, 2015, 2014 and 2013 , respectively. Shares issued in connection with stock option exercises are issued from available authorized shares. Based upon the closing stock price of $ 9.29 at December 31, 2015 , there was no intrinsic value of outstanding and exercisable stock options. Intrinsic value of stock options is calculated as the amount by which the market price of our common stock exceeds the exercise price of the options. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2015, 2014 and 2013 was $129,000 , $841,000 and $929,000 , respectively. The total fair value of stock option awards vested during the years ended December 31, 2015, 2014 and 2013 was $ 1.0 million , $1.7 million and $1.4 million , respectively. Share-based compensation to employees and directors is recognized as compensation expense in the consolidated statements of operations based on the stock options fair value on the measurement date, which is the date of the grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. The compensation expense recognized and its related tax effects are included in additional paid-in capital. Share-based compensation expense related to stock options totaled $ 1.5 million , $1.7 million and $1.5 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Share-based compensation expense is recognized ratably over the requisite service period for all stock option awards. Unrecognized share-based compensation expense related to non-vested stock option awards totaled $ 2.7 million at December 31, 2015 . At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 3.0 years. We recognized no tax benefit for the exercise of stock options during the years ended December 31, 2015, 2014 and 2013 . The fair value of our stock options granted is estimated on the measurement date, which is the date of grant. We use the Black-Scholes option-pricing model. Our determination of fair value of stock option awards on the date of grant is affected by our stock price as well as assumptions regarding our expected stock price volatility over the term of the awards, and actual and projected stock option exercise behaviors. The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2015, 2014 and 2013 was $ 6.99 , $14.39 and $18.02 , respectively. The assumptions used to determine the fair value of stock options granted are detailed in the table below: 2015 2014 2013 Risk-free interest rate 1.77% to 2.19% 1.79% to 2.13% 1.02% to 2.14% Dividend yield 0.0% 0.0% 0.0% Expected market price volatility 49% to 55% 49% to 57% 57% to 60% Weighted-average expected market price volatility 52.6% 52.6% 58.1% Expected term 5.6 to 7.5 years 5.6 to 7.5 years 5.4 to 7.5 years The risk-free interest rate was developed using the U.S. Treasury yield curve for periods equal to the expected life of the stock options at the grant date. No dividend yield was assumed because we do not pay cash dividends on common stock and currently have no plans to pay a dividend. Expected volatility is based on the long-term historical volatility (estimated over a period equal to the expected term of the stock options) of our common stock. In estimating the fair value of stock options under the Black-Scholes option-pricing model, separate groups of employees that have similar historical exercise behavior are considered separately. The expected term of options granted represents the period of time that options granted are expected to be outstanding. Restricted Stock During the year ended December 31, 2012, we granted 35,000 time-based shares of restricted common stock to certain employees. The fair value of the non-vested time-based restricted common stock awards was calculated using the market value of the stock on the date of issuance, which was $35.26 . During the year ended December 31, 2013, 3,000 of these restricted shares were forfeited. Share-based compensation expense related to restricted stock totaled $412,000 , $342,000 and $339,000 for the years ended December 31, 2015, 2014 and 2013 , respectively. As of December 31, 2015 , all of the restricted shares have vested. Employee Stock Purchase Plan Under the 1996 Employee Stock Purchase Plan, as amended (the “Plan”), the Company is authorized to issue up to 200,000 shares of common stock to its full-time employees, nearly all of whom are eligible to participate. Under the terms of the Plan, employees can choose as of January 1 and July 1 of each year to have up to 10% of their total earnings withheld to purchase up to 100 shares of our common stock each six-month period. The purchase price of the stock is 85% of the lower of its beginning-of-the-period or end-of-the-period market prices. At December 31, 2015 , we have issued 178,636 shares of common stock since the Plan’s inception. Cash Incentive Plans We have a variable compensation plan covering certain key executives and senior management and profit-sharing plans and a key performance plan that cover the remaining employees. The variable compensation plan aligns the compensation of executive officers and senior management with the performance expectations of the Board of Directors in order to motivate and reward them for the achievement of Company performance metrics. The profit-sharing plans provide for the sharing of pre-tax profits in excess of specified amounts at our Bridgeville, Dunkirk and Titusville facilities. The key performance plan provides a cash incentive for achieving certain performance metrics at our North Jackson facility. For the years ended December 31, 2015, 2014 and 2013 , we expensed $ 1.0 million , $4.4 million and $1.0 million , respectively, under these cash incentive plans of which $ 404,000 , $ 1.8 million, and $ 576,000 , respectively was included as a component of cost of products sold while the remainder was included in selling and administrative expense. At December 31, 2015 and 2014 , we had liabilities of $608,000 and $ 3.3 million , respectively, as a component of accrued employment costs on our consolidated balance sheets related to these cash incentive plans.

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2015
Retirement Plans [Abstract]
Retirement Plans	Note 9: Retirement Plans We have a defined contribution retirement plan (“401(k) plan”) that covers substantially all employees. Pursuant to the 401(k) plan, participants may elect to make pre-tax and after-tax contributions, subject to certain limitations imposed under the Internal Revenue Code of 1986, as amended. In addition, we make periodic contributions to the 401(k) plan based on service for the Titusville and Dunkirk hourly employees and age for North Jackson hourly employees. We make periodic contributions for the salaried employees at all locations except for North Jackson based upon their service and their individual contribution to the 401(k) plan. For North Jackson salaried employees, we make periodic contributions based upon the employee’s age and their individual contributions. We also participate in the Steelworkers Pension Trust (the “Trust”), a multi-employer defined-benefit pension plan that is open to all hourly and salary employees associated with the Bridgeville facility. We make periodic contributions to the Trust based on hours worked at a fixed rate for each hourly employee, as determined by the collective bargaining agreement, which expires in August 2018 and a fixed monthly contribution on behalf of each salary employee. The trustees of the Trust have provided us with the latest data available for the Trust year ending December 31, 2015 . As of that date, the Trust is not fully funded. We could be held liable to the Trust for our own obligations, as well as those of other employers, due to our participation in the Trust. Contribution rates could increase if the Trust is required to adopt a funding improvement plan or a rehabilitation plan, if the performance of the Trust assets do not meet expectations, or as a result of future collectively-bargained wage and benefit agreements. If we choose to stop participating in the Trust, we may be required to pay the Trust an amount based on the underfunded status of the Trust, referred to as a withdrawal liability. The Pension Protection Act (PPA) defines a zone status for each trust. Trusts in the green zone are at least 80% funded, trusts in the yellow zone are at least 65% funded, and trusts in the red zone are generally less than 65% funded. The Trust has utilized extended amortization provisions to amortize its losses from 2008. The Trust recertified its zone status after using the extended amortization provisions as allowed by law. The Trust has not implemented a funding improvement or rehabilitation plan, nor are such plans pending. Our contributions to the Trust have not exceeded more than 5% of the total contributions to the Trust. Trusts employer identification Funding plan Company contributions to the Trust Pension number / PPA zone status pending / (dollars in thousands) Surcharge fund plan number 2015 2014 implemented 2015 2014 2013 imposed Trust 23-6648508 / 499 Green Green No $ 737 $ 758 $ 668 No The total expense of all retirement plans for the years ended December 31, 2015, 2014 and 2013 was $1.6 million , $1.6 million and $ 1.5 million , respectively. No other post-retirement benefit plans exist.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 10: Commitments and Contingencies From time to time, various lawsuits and claims have been or may be asserted against us relating to the conduct of our business, including routine litigation relating to commercial and employment matters. The ultimate cost and outcome of any litigation or claim cannot be predicted with certainty. Management believes, based on information presently available, that the likelihood that the ultimate outcome of any such pending matter will have a material adverse effect on its financial condition, or liquidity or a material impact to its results of operations is remote, although the resolution of one or more of these matters may have a material adverse effect on our results of operations for the period in which the resolution occurs. We, as well as other steel companies, are subject to demanding environmental standards imposed by federal, state and local environmental laws and regulations. We are not aware of any environmental condition that currently exists at any of our facilities that would cause a material adverse effect on our financial condition, results of operations or liquidity in a particular future quarter or year. Our purchase obligations include the value of all open purchase orders with established quantities and purchase prices, as well as minimum purchase commitments, all made in the normal course of business. At December 31, 2015 , our total purchase obligations were $ 6.5 million which $5.9 million will be due in 2016.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data [Abstract]
Selected Quarterly Financial Data	Note 11: Selected Quarterly Financial Data (unaudited) First quarter Second quarter Third quarter Fourth quarter (dollars in thousands, except per share amounts) 2015 Data: Net sales $ 55,983 $ 49,610 $ 43,371 $ 31,696 Gross margin $ 5,710 $ 5,186 $ (410) $ (891) Goodwill impairment $ - $ - $ 20,265 $ - Operating income (loss) $ 1,016 $ 225 $ (25,896) $ (5,424) Provision (benefit) for income taxes $ 65 $ (173) $ (9,539) $ (2,497) Net income (loss) $ 125 $ (356) $ (17,045) $ (3,396) Net income (loss) per common share: Basic $ 0.02 $ (0.05) $ (2.41) $ (0.48) Diluted $ 0.02 $ (0.05) $ (2.41) $ (0.48) 2014 Data: Net sales $ 46,667 $ 52,309 $ 53,626 $ 52,958 Gross margin $ 6,060 $ 8,410 $ 8,643 $ 8,909 Operating income $ 1,432 $ 3,241 $ 3,123 $ 3,104 Provision for income taxes $ 1,072 $ 749 $ 775 $ 553 Net (loss) income $ (499) $ 1,449 $ 1,395 $ 1,705 Net (loss) income per common share: Basic $ (0.07) $ 0.21 $ 0.20 $ 0.24 Diluted $ (0.07) $ 0.20 $ 0.20 $ 0.24 Net income (loss) per common share amounts for each quarter is required to be computed independently. As a result, their sum may not equal the total year earnings per share amounts.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 12: Subsequent Events On January 21, 2016 we entered into the Credit Agreement. The Credit Agreement provides for a senior secured revolving credit facility not to exceed $ 65 million and a senior secured term loan facility relating to a term loan in the amount of $ 30 million. The Credit Agreement also provides for a letter of credit sub-facility not to exceed $ 10 .0 million and a swing loan sub-facility not to exceed $ 5 .0 million. At December 31, 2015, we had deferred financing fees of approximately $ 1.3 million. As a result of entering into the Credit Agreement we expect to write off approximately $ 0.8 million of deferred fees in the first quarter of 2016. Pursuant to the terms of the Credit Agreement, the Company completed the issuance of 73,207 shares of the Company’s common stock to certain directors and officers of the Company on February 2, 2016. The aggregate purchase price of the stock was $ 500,003.81 based on the average of the high and low reported trading prices for the Company’s common stock on The Nasdaq Stock Market on February 1, 2016. On January 21, 2016, the Company entered into the Convertible Notes in the aggregate principal amount of $ 20.0 million, each in favor of Gorbert Inc. The Convertible Notes amend ed and restate d the Notes, which were entered into by the Company in connection with its acquisition of the Company’s facility in North Jackson, Ohio. The Com pany’s obligations under the Convertible Notes are collateralized by a second lien in the same assets of the Co-Borrowers that collateralize the obligations of the Co-Borrowers under the Facilities. The Convertible Notes mature on March 17, 2019 and the maturity date of the Convertible Notes may be extended, at the Company’s option, to March 17, 2020 and further to March 17, 2021. In conjunction with the issuance of the C onvertible Notes, we made principal pre payments on the Convertible Notes totaling $ 1.0 m illion on January 21, 2016. See Note 4, Long Term Debt, for additional details on the Credit Agreement and the Convertible Notes.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Schedule II – Valu ation and Qualifying Accounts Balance at Charged to Deductions/ beginning costs and net charge- Balance at For the Years Ended December 31, 2015, 2014 and 2013 of year expenses offs (A) end of year (dollars in thousands) Allowance for doubtful accounts: Year ended December 31, 2015 $ 17 $ 239 $ (7) $ 249 Year ended December 31, 2014 84 18 (85) 17 Year ended December 31, 2013 1,837 30 (1,783) 84 Valuation allowance for deferred income taxes: Year ended December 31, 2015 $ 1,582 $ - $ - $ 1,582 Year ended December 31, 2014 986 596 - 1,582 (A) Represents write-off of bad debts net of recoveries

Significant Accounting Polici20

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation . The consolidated financial statements include the accounts of Universal Stainless & Alloy Products, Inc. and its wholly-owned subsidiaries (collectively, “we,” “us,” “our,” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. We have no interests in any unconsolidated entity.
Use of Estimates	Use of Estimates . The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. The estimates and assumptions used in these consolidated financial statements are based on known information available as of the balance sheet date. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk . We limit our credit risk on accounts receivable by performing ongoing credit evaluations and, when deemed necessary, require letters of credit, guarantees or cash collateral. During 2015, we had one customer which accounted for more than 16% of our total net sales and for 7% of our total accounts receivable balance. During 2014, we had one customer that accounted for more than 18% of our total net sales and for 11% of our total accounts receivable balance . During 2013, we had two customers which each accounted for more than 10% , and collectively for 26% , of our total net sales.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts . Accounts receivable are presented net of the allowance for doubtful accounts on our consolidated balance sheets. We market our products to a diverse customer base, primarily throughout the United States. During the years ended December 31, 2015, 2014 and 2013 , we derived 9% , 7% and 6% , respectively, of our net sales from markets outside of the United States. The allowance for doubtful accounts includes specific reserves for the value of outstanding invoices issued to customers that are deemed potentially not collectible. Receivables are charged-off to the allowance when they are deemed to be uncollectible. Bad debt expense, net of recoveries for the years ended December 31, 2015, 2014 and 2013 was $ 239,000 , $ 18,000 and $ 30,000 , respectively.
Inventories	Inventories . Inventories are stated at the lower of cost or market with cost principally determined by the weighted average cost method. Such costs include the acquisition cost for raw materials and supplies, direct labor and applied manufacturing overhead within the guidelines of normal plant capacity. We reserve for slow-moving inventory and inventory that is being evaluated under our quality control process. The reserves are based upon management’s expected method of disposition. The net change in inventory reserves for the year ended December 31, 2015 , was a decrease of $ 136,000 , primarily due to the dispositi on of slow moving material that was no longer considered sellable and was returned to our melt shop. The net change in inventory reserves for the years ended December 31, 2014 and 2013 was a $ 603,000 decrease and a $ 617,000 increase, respectively. Included in inventory are operating materials consisting of forge dies and production molds and rolls, that are consumed over their useful lives. During the years ended December 31, 2015, 2014 and 2013 , we amortized these operating materials in the amount of $ 1.8 million , $ 1.6 million and $1.2 million , respectively. This expense is recorded as a component of cost of products sold on the consolidated statements of operations and included as a part of our total depreciation and amortization on the consolidated statements of cash flows.
Property, Plant and Equipment	Property, Plant and Equipment . Property, plant and equipment is recorded at cost or its fair value at acquisition date. Costs incurred in connection with the construction or major rebuild of facilities are capitalized as construction in progress. During the years ended December 31, 2015 and 2014 we did not capitalize interest expense related to projects in process. We did capitalize $ 263,000 of interest expense related to construction projects in progress for the year ended December 31, 2013. No depreciation is recognized on assets until they are placed in service. Assets which have been retired or disposed of are removed from cost and accumulated depreciation accounts, with the gain or loss reflected in operating income on the consolidated statements of operations. Major equipment maintenance costs are capitalized as incurred and included in other current assets. These costs are amortized to cost of products sold within a twelve -month period. Other maintenance costs are expensed as incurred. Costs of improvements and renewals are capitalized. Our maintenance expense for the years ended December 31, 2015, 2014 and 2013 was $ 16.9 million, $ 16.5 million and $ 14.8 million, respectively, which is included as a component of cost of products sold. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of buildings and land improvements are between 10 and 39 years, and the estimated useful lives of machinery and equipment are between 5 and 20 years. Our total depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $ 15.8 million, $ 15.0 million and $ 14.3 million, respectively, of which $ 15.4 million , $14.6 million and $14.1 million , respectively was included as a component of cost of products sold while the remainder was included in selling, general and administrative expense.
Intangible Assets	Intangible Assets. At December 31, 2014 we had a $1.3 million non-compete agreement related to the acquisition of the North Jackson facility which is classified as an intangible asset. Identifiable intangible assets are recorded at fair value upon acquisition and are amortized over the life of the agreement using the straight-line method. We recognized $432,000 , $ 266,000 and $ 266,000 of amortization expense during the years ended December 31, 2015, 2014 and 2013 , respectively, from intangible assets , which is included as a component of selling, general and administrative expenses on the consolidated statements of operations and included as part of total depreciation and amortization on the consoli dated statements of cash flows. The 2015 expense of $432,000 includes $ 255,000 for the early exit of a non-compete contract. At December 31, 2015 our intangible assets were fully amortized.
Long-Lived Asset Impairment	Long-Lived Asset Impairment . Long-lived assets, including property, plant and equipment and intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in relation to the operating performance and future undiscounted cash flows of the underlying assets. Adjustments are made if the sum of expected future cash flows is less than the book value. Based on management’s assessment of the carrying values of long-lived assets, no impairment reserve was deemed necessary as of December 31, 2015, 2014 and 2013 .
Deferred Financing Costs	Deferred Financing Costs. Deferred financing costs are amortized up to the maturity date of the related financial instrument using the straight-line method, which approximates the effective interest method. Deferred financing cost amortization for the years ended December 31, 2015, 2014 and 2013 was $ 566,000 , $ 644,000 and $ 444,000 , respectively, and is included as a component of interest expense and other financing costs on the consolidated statements of operations and included as part of total depreciation and amortization on the consolidated statements of cash flows. At December 31, 2015 and 2014, we had $ 1.3 million and $1.4 million, respectively, of unamortized deferred financing costs included on our consolidated balance sheets as a component of other long-term assets.
Goodwill	Goodwill. Goodwill, which represents the excess of cost over net tangible and identifiable intangible assets of acquired businesses, is stated at fair value. Goodwill is not amortized, but will be evaluated or tested annually for impairment or more frequently if any event indicates that the carrying amount of goodwill may be impaired. We perform our annual evaluation or test of goodwill as of the beginning of the fourth quarter. We evaluate or test goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test, which involves comparing the estimated fair value of the associated reporting unit to its carrying value. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that fair value is less than its carrying amount. Factors considered as part of the qualitative assessment include entity-specific, industry, market and general economic conditions. We may elect to bypass this qualitative assessment and perform a two-step quantitative test. We test for goodwill impairment using a combination of valuation techniques, which include consideration of a market-based approach (guideline company method) and an income approach (discounted cash flow method), in determining fair value in the annual impairment test of goodwill. We believe that the combination of the valuation models provides a more appropriate valuation by taking into account different marketplace participant assumptions. Both methods utilize market data in the derivation of a value estimate and are forward-looking in nature. The guideline assessment of future performance and the discounted cash flow method utilize a market-derived rate of return to discount anticipated performance. Other events and changes in circumstances may also require goodwill to be tested for impairment between annual measurement dates. While a decline in stock price and market capitalization is not specifically cited as a goodwill impairment indicator, a company’s stock price and market capitalization should be considered in determining whether it is more likely than not that the fair value of a reporting unit is less that its carrying value. Additionally, a significant decline in a company’s stock price may suggest that an adverse change in the business climate may have caused the fair value of the reporting unit to fall below its carrying value. The financial and credit market volatility directly impacts our fair value measurement through our stock price that we use to determine our market capitalization. During times of volatility, significant judgment must be applied to determine whether credit or stock price changes are a short-term swing or a longer-term trend. A sustained decline in our market capitalization below its book value could lead us to determine, in a future period, that an interim goodwill impairment review is required and may result in an impairment charge which would have a negative impact on our results of operations. We recorded a goodwill impairment in the third quarter of 2015. Due to a signi ficant and sustained drop in our share price and continued weak operating results driven by slower market conditions, the Company determined that an interim goodwill impairment review was required in accordance with Accounting Standards Codification (“ ASC ”) 350, “Intangibles – Goodwill and Other”. Based on the guidance in ASC 350, the Company performed the two-step quantitative analysis. Under the first step, the Company determined that the carrying value exceeded the fair value of the Company and, therefore, the second step of the analysis was performed. The fair value was estimated using a combination of an income approach, which estimates fair value based on projected discounted cash flows and a market approach, which estimates fair value using the recent stock price of the Company. The income approach is supported by a Level 3 fair value measurement, which means that the valuation reflects the Company’s own estimates of market participant assumptions. The market approach is supported by a Level 1 fair value measurement which is the observable stock price of the Company. The income approach was weighted 30% and the market approach was weighted 70% in determining the fair value. This assessment resulted in the recognition of a non-cash goodwill impairment charge of $ 20.3 million, which eliminated all goodwill from the balance sheet at September 30, 2015.
Stockholders' Equity	Stockholders’ Equity. We have never paid a cash dividend on our common stock. Our Credit Agreement does not permit the payment of cash dividends. In October 1998, we initiated a stock repurchase program to repurchase up to 315,000 shares of our outstanding common stock in open market transactions at market prices. We were authorized to repurchase 45,100 remaining shares of common stock under this program as of December 31, 2015 .
Revenue Recognition	Revenue Recognition . Revenue from the sale of products is recognized when both risk of loss and title have transferred to the customer, which in most cases coincides with shipment of the related products, and collection is reasonably assured. Revenue from conversion services is recognized when the performance of the service is complete. Invoiced shipping and handling costs are also accounted for as revenue. Customer claims, which are not material, are accounted for primarily as a reduction to gross sales after the matter has been researched and an acceptable resolution has been reached. The following table presents net sales by product line: For the years ended December 31, 2015 2014 2013 (dollars in thousands) Stainless steel $ 135,945 $ 159,799 $ 137,383 High-strength low alloy steel 16,045 16,853 17,894 Tool steel 16,197 16,680 18,112 High-temperature alloy steel 7,557 6,295 4,277 Conversion services and other sales 4,916 5,933 3,102 Total net sales $ 180,660 $ 205,560 $ 180,768
Income Taxes	Income Taxes . Deferred income taxes are provided for unused tax credits earned and the tax effect of temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. We use the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to be in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that the asset will not be realized. Income tax penalties and interest are included in the provision for income tax expense. We evaluate the tax positions taken or expected to be taken in our tax returns. A tax position should only be recognized in the financial statements if we determine that it is more-likely-than-not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. We believe there are no material uncertain tax positions at December 31, 2015, 2014 and 2013 . We use the with-and-without method to account for excess tax benefits recognized as a result of the exercise of employee stock options. Under the with-and-without method, excess tax benefits related to share-based compensation are not deemed to be realized until after the utilization of all other tax benefits available to us, which are also subject to applicable limitations.
Share-based Compensation Plans	Share-based Compensation Plans . We recognize compensation expense based on the grant-date fair value of the awards. The fair value of the stock option grants is estimated on the date of grant using the Black-Scholes option-pricing model, and is recognized ratably over the service/vesting period of the award. The fair value of time-based restricted stock grants is calculated using the market value of the stock on the date of issuance, and is recognized ratably over the service/vesting period of the award.
Net (Loss) Income per Common Share	Net (Loss) Income per Common Share . Net (loss) income per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income, adjusted to include interest expense (tax effected) for the convertible notes by the weighted-average number of common shares outstanding plus all dilutive potential common shares outstanding during the period. All shares that were issuable under our outstanding convertible notes were considered outstanding for our diluted net income per common share computation, using the “if converted” method of accounting from the date of issuance.
Statement of Comprehensive Income	Statement of Comprehensive Income. During the years ended December 31, 2015, 2014 and 2013, there were no comprehensive income items other than net income (loss); therefore, a separate consolidated Statement of Comprehensive Income was excluded from the consolidated financial statements.
Treasury Stock	Treasury Stock. We account for treasury stock under the cost method and include such shares as a reduction of total stockholders’ equity.
Financial Instruments	Financial Instruments. Financial instruments held by us include cash, accounts receivable, accounts payable and long-term debt. The carrying value of cash, accounts receivable and accounts payable is considered to be representative of fair value because of the short maturity of these instruments. Refer to Note 5 for fair value disclosures of our financial instruments.
Segment Reporting	Segment Reporting. Our operating facilities are integrated, and therefore our chief operating decision maker (“CODM”) views the Company as one business unit. Our CODM sets performance goals, assesses performance and makes decisions about resource allocations on a consolidated basis. As a result of these factors, as well as the nature of the financial information available which is reviewed by our CODM, we maintain one reportable segment.
Reclassifications	Reclassifications. Certain prior year amounts have been reclassified to conform to the 2015 presentation.
New Accounting Pronouncement	Recently Adopted Accounting Pronouncement In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. We adopted ASU 2015-17 in 2015. The update resulted in the classification of all deferred tax assets and liabilities as noncurrent on the consolidated balance sheet. Recently Issued Accounting Pronouncement In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606) which was amended, in August 2015, by ASU 2015-14 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This topic converges the guidance within U.S. GAAP and International Financial Reporting Standards and supersedes Accounting Standards Codification 605, Revenue Recognition. The new standard requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, and improve guidance for multiple-element arrangements. The new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We are currently evaluating the impact that this standard will have on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” ("ASU 2015-11") to simplify the guidance on the subsequent measurement of inventory, excluding inventory measured using last-in, first out or the retail inventory method. Under the new standard, inventory should be at the lower of cost and net realizable value. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the impact of the pending adoption of ASU 2015-11 on the Company's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new guidance is effective for annual reporting periods beginning after December 15, 2015, including interim reporting periods within that reporting period, and early application is permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements.

Significant Accounting Polici21

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies [Abstract]
Schedule of Net Sales by Product Line	For the years ended December 31, 2015 2014 2013 (dollars in thousands) Stainless steel $ 135,945 $ 159,799 $ 137,383 High-strength low alloy steel 16,045 16,853 17,894 Tool steel 16,197 16,680 18,112 High-temperature alloy steel 7,557 6,295 4,277 Conversion services and other sales 4,916 5,933 3,102 Total net sales $ 180,660 $ 205,560 $ 180,768

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory [Abstract]
Major Classes of Inventory	December 31, 2015 2014 (dollars in thousands) Raw materials and starting stock $ 6,235 $ 8,943 Semi-finished and finished steel products 69,907 84,816 Operating materials 8,543 8,759 Gross inventory 84,685 102,518 Inventory reserves (1,312) (1,448) Total inventory, net $ 83,373 $ 101,070

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	December 31, 2015 2014 (dollars in thousands) Land and land improvements $ 7,377 $ 7,088 Buildings 47,712 45,434 Machinery and equipment 236,991 225,754 Construction in progress 8,580 12,833 Gross property, plant and equipment 300,660 291,109 Accumulated depreciation (107,155) (91,314) Property, plant and equipment, net $ 193,505 $ 199,795

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Long-Term Debt [Abstract]
Schedule of Long-Term Debt	December 31, 2015 2014 (dollars in thousands) Term loan $ 12,500 $ 15,500 Revolving credit facility 44,350 51,350 Convertible notes 20,000 20,000 Swing loan credit facility 287 25 77,137 86,875 Less: current portion of long-term debt (3,000) (3,000) Long-term debt $ 74,137 $ 83,875
Schedule of Maturities of Long-term Debt	(dollars in thousands) 2016 $ 3,000 2017 74,137 $ 77,137

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Schedule of Components of Provision (Benefit) for Income Taxes	For the years ended December 31, 2015 2014 2013 (dollars in thousands) Current (benefit) provision Federal $ (105) $ 312 $ 85 State 56 298 (6) Deferred (benefit) provision Federal (11,843) 1,941 (3,205) State (252) 598 622 (Benefit) provision for income taxes $ (12,144) $ 3,149 $ (2,504)
Schedule of Effective Income Tax Rate Reconciliation	For the years ended December 31, 2015 2014 2013 Federal statutory tax rate 35.0 % 35.0 % 35.0 % Research and development tax credit 1.6 (2.9) 14.6 State government grants, net of federal tax impact - - 4.2 Valuation allowance, state government grants, net of federal impact - 8.2 (15.0) Domestic manufacturing deduction - - - State income taxes, net of federal impact 0.6 3.7 1.4 Other, net (0.2) (0.3) (2.1) Effective income tax rate 37.0 % 43.7 % 38.1 %
Schedule of Deferred Tax Assets and Liabilities	December 31, 2015 2014 (dollars in thousands) Noncurrent deferred income taxes: Federal and state tax carryforwards $ 22,495 $ 17,495 Inventory 1,196 3,136 Share-based compensation 3,545 3,300 Receivables 76 29 Accrued liabilities 299 396 Other 65 65 Total deferred tax assets $ 27,676 $ 24,421 Deferred tax liabilities: Property, plant and equipment $ 47,899 $ 56,354 Other 443 492 Total deferred tax liabilities $ 48,342 $ 56,846 Total noncurrent deferred income taxes $ 20,666 $ 32,425

Net (Loss) Income per Common 26

Net (Loss) Income per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Net (Loss) Income Per Common Share [Abstract]
Computation of Net (Loss) Income Per Common Share	For the years ended December 31, 2015 2014 2013 (dollars in thousands, except per share amounts) Numerator: Net (loss) income $ (20,672) $ 4,050 $ (4,062) Adjustment for interest expense on convertible notes - - - Net (loss) income, as adjusted $ (20,672) $ 4,050 $ (4,062) Denominator: Weighted average number of shares of common stock outstanding 7,069,954 7,031,539 6,950,976 Weighted average effect of dilutive stock options and other stock compensation - 84,892 - Weighted average effect of assumed conversion of convertible notes - - - Weighted average number of shares of common stock outstanding, as adjusted 7,069,954 7,116,431 6,950,976 Net (loss) income per common share: Basic $ (2.92) $ 0.58 $ (0.58) Diluted $ (2.92) $ 0.57 $ (0.58)

Incentive Compensation Plans (T

Incentive Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Incentive Compensation Plans [Abstract]
Summary of Stock Option Activity	Non-vested stock Stock options options outstanding outstanding Weighted- Weighted- Weighted- average average average Number grant-date Number exercise contractual of shares fair value of shares price term (years) Outstanding at December 31, 2014 235,844 $ 16.34 775,675 $ 29.12 Stock options granted 192,400 6.99 192,400 13.02 Stock options exercised - - (17,500) 15.27 Stock options vested (59,469) 17.45 - - Stock options forfeited (69,575) 15.00 (108,825) 29.19 Outstanding at December 31, 2015 299,200 $ 10.40 841,750 $ 25.71 5.2 Exercisable at December 31, 2015 542,550 $ 29.84 4.6
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted	2015 2014 2013 Risk-free interest rate 1.77% to 2.19% 1.79% to 2.13% 1.02% to 2.14% Dividend yield 0.0% 0.0% 0.0% Expected market price volatility 49% to 55% 49% to 57% 57% to 60% Weighted-average expected market price volatility 52.6% 52.6% 58.1% Expected term 5.6 to 7.5 years 5.6 to 7.5 years 5.4 to 7.5 years

Retirement Plans (Tables)

Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Retirement Plans [Abstract]
Schedule of Multiemployer Plans	Trusts employer identification Funding plan Company contributions to the Trust Pension number / PPA zone status pending / (dollars in thousands) Surcharge fund plan number 2015 2014 implemented 2015 2014 2013 imposed Trust 23-6648508 / 499 Green Green No $ 737 $ 758 $ 668 No

Selected Quarterly Financial 29

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	First quarter Second quarter Third quarter Fourth quarter (dollars in thousands, except per share amounts) 2015 Data: Net sales $ 55,983 $ 49,610 $ 43,371 $ 31,696 Gross margin $ 5,710 $ 5,186 $ (410) $ (891) Goodwill impairment $ - $ - $ 20,265 $ - Operating income (loss) $ 1,016 $ 225 $ (25,896) $ (5,424) Provision (benefit) for income taxes $ 65 $ (173) $ (9,539) $ (2,497) Net income (loss) $ 125 $ (356) $ (17,045) $ (3,396) Net income (loss) per common share: Basic $ 0.02 $ (0.05) $ (2.41) $ (0.48) Diluted $ 0.02 $ (0.05) $ (2.41) $ (0.48) 2014 Data: Net sales $ 46,667 $ 52,309 $ 53,626 $ 52,958 Gross margin $ 6,060 $ 8,410 $ 8,643 $ 8,909 Operating income $ 1,432 $ 3,241 $ 3,123 $ 3,104 Provision for income taxes $ 1,072 $ 749 $ 775 $ 553 Net (loss) income $ (499) $ 1,449 $ 1,395 $ 1,705 Net (loss) income per common share: Basic $ (0.07) $ 0.21 $ 0.20 $ 0.24 Diluted $ (0.07) $ 0.20 $ 0.20 $ 0.24

Significant Accounting Polici30

Significant Accounting Policies (Concentration of Credit Risk, Accounts Receivable, and Allowance for Doubtful Accounts) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)customer	Dec. 31, 2014USD ($)customer	Dec. 31, 2013USD ($)customer
Concentration Risk [Line Items]
Bad debt expense | $	$ 239	$ 18	$ 30
Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, number of customer	1	1
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			26.00%
Concentration risk, number of customer			2
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Minimum [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	18.00%
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%	7.00%	6.00%
Sales Revenue, Net [Member] | Customer One [Member] | Customer Concentration Risk [Member] | Minimum [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			10.00%
Sales Revenue, Net [Member] | Customer Two [Member] | Customer Concentration Risk [Member] | Minimum [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			10.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	7.00%	11.00%

Significant Accounting Polici31

Significant Accounting Policies (Inventories) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies [Abstract]
Net change in inventory reserves	$ (136)	$ (603)	$ 617
Amortization included in cost of products sold	$ 1,800	$ 1,600	$ 1,200

Significant Accounting Polici32

Significant Accounting Policies (Property, Plant and Equipment) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Cost of property repairs and maintenance	$ 16,900	$ 16,500	$ 14,800
Depreciation	15,800	15,000	14,300
Cost of goods sold, depreciation	15,400	14,600	14,100
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Interest costs capitalized	$ 0	$ 0	$ 263
Minimum [Member] | Land and Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Capitalized maintenance cost, amortization period	12 months
Maximum [Member] | Land and Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	39 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years

Significant Accounting Polici33

Significant Accounting Policies (Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 432	$ 266	$ 266
Non-compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 255
North Jackson Facility [Member] | Non-compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired		$ 1,300

Significant Accounting Polici34

Significant Accounting Policies (Deferred Financing Costs) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies [Abstract]
Amortization of deferred financing costs	$ 566	$ 644	$ 444
Unamortized Debt Issuance Expense	$ 1,300	$ 1,400

Significant Accounting Polici35

Significant Accounting Policies (Goodwill) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015
Non-cash goodwill impairment charge	$ 20,265	$ 20,268
Income Approach Valuation Technique [Member]
Fair value inputs, comparability adjustments		30.00%
Market Approach Valuation Technique [Member]
Fair value inputs, comparability adjustments		70.00%

Significant Accounting Polici36

Significant Accounting Policies (Stockholders’ Equity) (Narrative) (Details)	Dec. 31, 2015USD ($)
Stock repurchase program, remaining authorized repurchase amount	$ 45,100
Maximum [Member]
Stock repurchase program, authorized amount	$ 315,000

Significant Accounting Polici37

Significant Accounting Policies (Schedule of Net Sales by Product Line) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Product Information [Line Items]
Net sales	$ 31,696	$ 43,371	$ 49,610	$ 55,983	$ 52,958	$ 53,626	$ 52,309	$ 46,667	$ 180,660	$ 205,560	$ 180,768
Stainless Steel [Member]
Product Information [Line Items]
Net sales									135,945	159,799	137,383
High-Strength Low Alloy Steel [Member]
Product Information [Line Items]
Net sales									16,045	16,853	17,894
Tool Steel [Member]
Product Information [Line Items]
Net sales									16,197	16,680	18,112
High-Temperature Alloy Steel [Member]
Product Information [Line Items]
Net sales									7,557	6,295	4,277
Conversion Services and Other Sales [Member]
Product Information [Line Items]
Net sales									$ 4,916	$ 5,933	$ 3,102

Inventory (Major Classes of Inv

Inventory (Major Classes of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Inventory [Abstract]
Raw materials and starting stock	$ 6,235	$ 8,943
Semi-finished and finished steel products	69,907	84,816
Operating materials	8,543	8,759
Gross inventory	84,685	102,518
Inventory reserves	(1,312)	(1,448)
Total inventory, net	$ 83,373	$ 101,070

Property, Plant and Equipment39

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 300,660	$ 291,109
Accumulated depreciation	(107,155)	(91,314)
Property, plant and equipment, net	193,505	199,795
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	7,377	7,088
Building [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	47,712	45,434
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	236,991	225,754
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	$ 8,580	$ 12,833

Long-Term Debt (Credit Facility

Long-Term Debt (Credit Facility) (Narrative) (Details)	Feb. 02, 2016USD ($)shares	Jan. 21, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Deferred financing fees			$ 1,300,000
Prior Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, maturity date			Mar. 31, 2017
Subsequent Event [Member] | Directors And Officers [Member]
Line of Credit Facility [Line Items]
Shares of common stock issued | shares	73,207
Aggregate purchase price of common stock issued	$ 500,003.81
LIBOR [Member] | Prior Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate at period end			2.18%
March 31, 2016 [Member]
Line of Credit Facility [Line Items]
Write off of deferred debt financing fees			$ 800,000
PNC Bank [Member] | December 31, 2016 [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Minimum fixed charge coverage ratio		1.10
Revolving Credit Facility [Member] | Prior Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity			$ 105,000,000	$ 105,000,000
Commitment fee on the daily unused portion of the Revolver			0.25%
Revolving Credit Facility [Member] | PNC Bank [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		$ 65,000,000
Commitment fee on the daily unused portion of the Revolver		0.25%
Letter of Credit [Member] | PNC Bank [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		$ 10,000,000
Term Loan [Member] | Prior Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity			$ 20,000,000	$ 20,000,000
Quarterly term loan payments			$ 750,000
Debt instrument, maturity date			Mar. 19, 2017
Debt instrument payment start date			Jul. 1, 2013
Term Loan [Member] | PNC Bank [Member]
Line of Credit Facility [Line Items]
Debt instrument payment start date			Apr. 1, 2016
Term Loan [Member] | PNC Bank [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Quarterly term loan payments		1,100,000
Term Loan [Member] | Revolving Credit Facility [Member] | PNC Bank [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		30,000,000
Swing Loan Credit Facility [Member] | PNC Bank [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity		$ 5,000,000
Swing Loan Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Prior Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum secured borrowing capacity			$ 7,000,000

Long-Term Debt (Convertible Not

Long-Term Debt (Convertible Notes) (Narrative) (Details)	Jan. 21, 2016USD ($)$ / shares	Dec. 31, 2015item$ / shares	Dec. 31, 2014$ / shares	Aug. 31, 2011USD ($)
Debt Instrument [Line Items]
Common stock, par value | $ / shares		$ 0.001	$ 0.001
Convertible Notes [Member] | North Jackson Facility [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				$ 20,000,000
Debt instrument interest rate				4.00%
Conversion stock price | $ / shares		$ 47.1675
Stock price trigger for convertible note prepay option		140.00%
Debt instrument, maturity date		Aug. 17, 2017
Debt instrument convertible threshold consecutive trading days		30 days
Convertible Notes [Member] | North Jackson Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument convertible threshold trading days | item		20
Convertible Notes [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date		Mar. 17, 2019
Subsequent Event [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 20,000,000
Subsequent Event [Member] | Convertible Notes [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	20,000,000
Debt instrument principal payment	1,000,000
Subsequent Event [Member] | Convertible Notes [Member] | If Maturity Date Extend to March 17, 2020 [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Aggregate principal payment on March 17, 2019	2,000,000
Subsequent Event [Member] | Convertible Notes [Member] | If Maturity Date Extend to March 17, 2021 [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Aggregate principal payment on March 17, 2020	$ 2,000,000
Subsequent Event [Member] | Convertible Notes [Member] | Through and Including August 17, 2016 [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.00%
Subsequent Event [Member] | Convertible Notes [Member] | August 18, 2016 Through and Including August 17, 2017 [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.00%
Subsequent Event [Member] | Convertible Notes [Member] | From and After August 18, 2017 [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	6.00%
Subsequent Event [Member] | Convertible Notes [Member] | If holder elects to convert on or prior to August 17, 2017 [Member] | Gorbert Inc. [Member]
Debt Instrument [Line Items]
Conversion stock price | $ / shares	$ 47.1675
Debt instrument integral multiple convertible principal amount	$ 100,000
Debt instrument, initial conversion rate per $1000 principal amount	21.2
Principal amount used to convert convertible notes	$ 1,000

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 77,137	$ 86,875
Less: current portion of long-term debt	(3,000)	(3,000)
Long-term debt	74,137	83,875
Term Loan [Member]
Debt Instrument [Line Items]
Total debt	12,500	15,500
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	44,350	51,350
Convertible Notes [Member]
Debt Instrument [Line Items]
Total debt	20,000	20,000
Swing Loan Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	$ 287	$ 25

Long-Term Debt (Schedule of Mat

Long-Term Debt (Schedule of Maturities of Long-term Debt) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Long-Term Debt [Abstract]
2,016	$ 3,000
2,017	74,137
Total debt	$ 77,137	$ 86,875

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 2 [Member]
Notes payable, fair value disclosure	$ 19.2	$ 20.5

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Effective income tax rate continuing operations		37.00%	43.70%	38.10%
Tax benefit for research and development tax credits	$ 430
Net operating loss carryforwards	54,200	$ 54,200	$ 41,500
Income tax examination description		We are routinely under audit by federal or state authorities. Our federal tax returns are subject to examination by the IRS for tax years after 2011. We are subject to examination by state tax jurisdictions for tax years after 2011.
State and Local Jurisdiction [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	9,000	$ 9,000	8,100
Tax credit carryforward amount	265	$ 265	267
State and Local Jurisdiction [Member] | NEW YORK
Income Taxes [Line Items]
Effective income tax rate continuing operations		0.00%
Research Tax Credit Carryforward [Member]
Income Taxes [Line Items]
Tax credit carryforward amount	2,300	$ 2,300	1,700
Alternative minimum tax credit carryforwards	$ 489	$ 489	$ 597

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Abstract]
Current (benefit) provision, Federal									$ (105)	$ 312	$ 85
Current (benefit) provision, State									56	298	(6)
Deferred (benefit) provision, Federal									(11,843)	1,941	(3,205)
Deferred (benefit) provision, State									(252)	598	622
(Benefit) provision for income taxes	$ (2,497)	$ (9,539)	$ (173)	$ 65	$ 553	$ 775	$ 749	$ 1,072	$ (12,144)	$ 3,149	$ (2,504)

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Abstract]
Federal statutory tax rate	35.00%	35.00%	35.00%
Research and development tax credit	1.60%	(2.90%)	14.60%
State government grants, net of federal tax impact			4.20%
Valuation allowance, state government grants, net of federal impact		8.20%	(15.00%)
State income taxes, net of federal impact	0.60%	3.70%	1.40%
Other, net	(0.20%)	(0.30%)	(2.10%)
Effective income tax rate	37.00%	43.70%	38.10%

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Federal and state tax carryforwards	$ 22,495	$ 17,495
Inventory	1,196	3,136
Share-based compensation	3,545	3,300
Receivables	76	29
Accrued liabilities	299	396
Other	65	65
Total deferred tax assets	27,676	24,421
Property, plant and equipment	47,899	56,354
Other	443	492
Total deferred tax liabilities	48,342	56,846
Total noncurrent deferred income taxes	$ 20,666	$ 32,425

Net (Loss) Income per Common 49

Net (Loss) Income per Common Share (Narrative) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Compensation Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	635,200	440,300	353,550
Average price of anti-dilutive options outstanding	$ 30.67	$ 35.20	$ 36.36
Options And Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	21,774		118,814
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	428,140	428,140	428,140

Net (Loss) Income per Common 50

Net (Loss) Income per Common Share (Computation of Net (Loss) Income Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net (loss) income	$ (3,396)	$ (17,045)	$ (356)	$ 125	$ 1,705	$ 1,395	$ 1,449	$ (499)	$ (20,672)	$ 4,050	$ (4,062)
Adjustment for interest expense on convertible notes
Net (loss) income, as adjusted									$ (20,672)	$ 4,050	$ (4,062)
Denominator:
Weighted average number of shares of common stock outstanding									7,069,954	7,031,539	6,950,976
Weighted average effect of dilutive stock options and other stock compensation										84,892
Weighted average number of shares of common stock outstanding, as adjusted									7,069,954	7,116,431	6,950,976
Net (loss) income per common share:
Net (loss) income per common share - Basic	$ (0.48)	$ (2.41)	$ (0.05)	$ 0.02	$ 0.24	$ 0.20	$ 0.21	$ (0.07)	$ (2.92)	$ 0.58	$ (0.58)
Net (loss) income per common share - Diluted	$ (0.48)	$ (2.41)	$ (0.05)	$ 0.02	$ 0.24	$ 0.20	$ 0.20	$ (0.07)	$ (2.92)	$ 0.57	$ (0.58)

Incentive Compensation Plans (S

Incentive Compensation Plans (Stock Options) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	2,150,000
Number of shares available for grant	363,993
Weighted-average grant-date fair value of stock options granted	$ 6.99
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Award expiration period	10 years
Proceeds from stock option exercises	$ 267	$ 764	$ 848
Closing stock price	$ 9.29
Aggregate intrinsic value of outstanding stock options	$ 0
Aggregate intrinsic value of exercisable stock options	0
Aggregate intrinsic value of stock options exercised	129	841	929
Total fair value of stock option awards vested	1,000	1,700	1,400
Share-based compensation expense	1,500	1,700	1,500
Unrecognized share-based compensation expense	$ 2,700
Unrecognized share-based compensation expense, weighted-average period of recognition	3 years
Tax benefit for exercise of stock options	$ 0	$ 0	$ 0
Weighted-average grant-date fair value of stock options granted	$ 6.99	$ 14.39	$ 18.02

Incentive Compensation Plans (R

Incentive Compensation Plans (Restricted Stock) (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, time-based shares				35,000
Market value of stock on date of issuance				$ 35.26
Forfeited, shares			3,000
Share-based compensation expense	$ 412	$ 342	$ 339

Incentive Compensation Plans (E

Incentive Compensation Plans (Employee Stock Purchase Plan) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	2,150,000
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	200,000
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate	10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Cumulative Shares Issued under Plan	178,636
Stock Compensation Plan | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee	100

Incentive Compensation Plans (C

Incentive Compensation Plans (Cash Incentive Plan) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Accrued employment costs	$ 3,256	$ 6,011
Cash Incentive Plans [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Other Labor-related Expenses	1,000	4,400	$ 1,000
Accrued employment costs	608	3,300
Cash Incentive Plans [Member] | Cost of Sales [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Other Labor-related Expenses	$ 404	$ 1,800	$ 576

Incentive Compensation Plans 55

Incentive Compensation Plans (Summary of Stock Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Non-vested stock options outstanding, Number of shares
Non-vested stock options outstanding, beginning balance	235,844
Stock options granted	192,400
Stock options vested	(59,469)
Stock options forfeited	(69,575)
Non-vested stock options outstanding, ending balance	299,200	235,844
Non-vested stock options outstanding, Weighted-average grant-date fair value
Non-vested stock options outstanding, Weighted-average grant-date fair value, beginning balance	$ 16.34
Stock options granted	6.99
Stock options vested	17.45
Stock options forfeited	15
Non-vested stock options outstanding, Weighted-average grant-date fair value, ending balance	$ 10.40	$ 16.34
Stock options outstanding, Number of shares
Stock options outstanding, beginning balance	775,675
Stock options granted	192,400
Stock options exercised	(17,500)
Stock options forfeited	(108,825)
Stock options outstanding, ending balance	841,750	775,675
Stock options outstanding, Weighted-average exercise price
Stock options outstanding, weighted-average exercise price, beginning balance	$ 29.12
Stock options granted	13.02
Stock options exercised	15.27
Stock options forfeited	29.19
Stock options outstanding, weighted-average exercise price, ending balance	$ 25.71	$ 29.12
Stock options outstanding, weighted-average remaining contractual life	5 years 2 months 12 days
Stock options exercisable at end of period	542,550
Stock options exercisable, weighted-average exercise price at end of period	$ 29.84
Stock options exercisable, weighted-average remaining contractual life	4 years 7 months 6 days
Employee Stock Option [Member]
Non-vested stock options outstanding, Weighted-average grant-date fair value
Stock options granted	$ 6.99	$ 14.39	$ 18.02

Incentive Compensation Plans 56

Incentive Compensation Plans (Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted) (Details) - Employee Stock Option [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	1.77%	1.79%	1.02%
Risk-free interest rate, maximum	2.19%	2.13%	2.14%
Dividend yield	0.00%	0.00%	0.00%
Expected market price volatility, minimum	49.00%	49.00%	57.00%
Expected market price volatility, maximum	55.00%	57.00%	60.00%
Weighted-average expected market price volatility	52.60%	52.60%	58.10%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 7 months 6 days	5 years 7 months 6 days	5 years 4 months 24 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	7 years 6 months	7 years 6 months	7 years 6 months

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Multiemployer Plans [Line Items]
Retirement plan expense	$ 1.6	$ 1.6	$ 1.5
Steelworkers Pension Trust [Member] | Maximum [Member]
Multiemployer Plans [Line Items]
Company contributions as a percentage of all contributions	5.00%

Retirement Plans (Schedule of M

Retirement Plans (Schedule of Multiemployer Plans) (Details) - Steelworkers Pension Trust [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Multiemployer Plans [Line Items]
Plan number	499
PPA zone status	Green	Green
Funding plan pending / implemented	No
Company contributions to the Trust	$ 737	$ 758	$ 668
Surcharge imposed	No

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	Dec. 31, 2015USD ($)
Commitments and Contingencies [Abstract]
Purchase obligations	$ 6.5
Purchase obligations due in 2016	$ 5.9

Selected Quarterly Financial 60

Selected Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Financial Data [Abstract]
Net sales	$ 31,696	$ 43,371	$ 49,610	$ 55,983	$ 52,958	$ 53,626	$ 52,309	$ 46,667	$ 180,660	$ 205,560	$ 180,768
Gross margin	(891)	(410)	5,186	5,710	8,909	8,643	8,410	6,060	9,595	32,022	13,880
Goodwill impairment		20,265							20,268
Operating income (loss)	(5,424)	(25,896)	225	1,016	3,104	3,123	3,241	1,432	(30,079)	10,900	(4,005)
Provision (benefit) for income taxes	(2,497)	(9,539)	(173)	65	553	775	749	1,072	(12,144)	3,149	(2,504)
Net income (loss)	$ (3,396)	$ (17,045)	$ (356)	$ 125	$ 1,705	$ 1,395	$ 1,449	$ (499)	$ (20,672)	$ 4,050	$ (4,062)
Net (loss) income per common share - Basic	$ (0.48)	$ (2.41)	$ (0.05)	$ 0.02	$ 0.24	$ 0.20	$ 0.21	$ (0.07)	$ (2.92)	$ 0.58	$ (0.58)
Net (loss) income per common share - Diluted	$ (0.48)	$ (2.41)	$ (0.05)	$ 0.02	$ 0.24	$ 0.20	$ 0.20	$ (0.07)	$ (2.92)	$ 0.57	$ (0.58)

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($)	Feb. 02, 2016	Jan. 21, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Deferred financing fees			$ 1,300,000
Directors And Officers [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Shares of common stock issued	73,207
Proceeds from issuance of common stock	$ 500,003.81
March 31, 2016 [Member]
Subsequent Event [Line Items]
Write off of deferred debt financing fees			$ 800,000
Gorbert Inc. [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, face amount		$ 20,000,000
Revolving Credit Facility [Member] | PNC Bank [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity		65,000,000
Letter of Credit [Member] | PNC Bank [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity		10,000,000
Term Loan [Member] | PNC Bank [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument principal payment		1,100,000
Term Loan [Member] | Revolving Credit Facility [Member] | PNC Bank [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity		30,000,000
Swing Loan Credit Facility [Member] | PNC Bank [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity		5,000,000
Convertible Notes [Member] | Gorbert Inc. [Member]
Subsequent Event [Line Items]
Debt instrument, maturity date			Mar. 17, 2019
Convertible Notes [Member] | Gorbert Inc. [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, face amount		20,000,000
Debt instrument principal payment		$ 1,000,000

Valuation and Qualifying Acco62

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year		$ 17	$ 84	$ 1,837
Charged to costs and expenses		239	18	30
Deductions / net charge offs	[1]	(7)	(85)	(1,783)
Balance at end of year		249	17	84
Valuation Allowance of Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year		$ 1,582	986
Charged to costs and expenses			596
Balance at end of year		$ 1,582	$ 1,582	$ 986
[1]	Represents write-off of bad debts net of recoveries